Nearside free business checking – Read Here

It is known as a fee-free business account. It is not a bank but it will provide you with services like a bank through their club called Lending Club Bank, which is linked with the FDIC. They provide you with a bank account, which helps the mall businesses or individual entities to take care of their work. Let’s Know about the Nearside free business checking.

Nearside free business checking

They are not like the traditional banks, which take fees. If you make any purchase related to the business, you will get a discount or rewards on that purchase.

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Nearside is not a bank service; it is a kind of financial service that assists business owners and self-individual entities to manage their financial statements with the free-fee business account by offering them a line of credit for those who will not be able to get the credit. They provide their services online. You can access the service through their website or the mobile app.

The app is very user-friendly, but the thing is that you can use it online as they do not have physical branches. The services will be provided by the club known as Lending Club bank, the partner bank of Nearside, and they are insured by the Federal Deposit Insurance Corp. through the Lending Club, which is a member of the Federal Corp.

How does Nearside Business Checking work?

  • You have to apply online for your account. For this, you should be over 18 years old.
  • You must have a valid mail ID to create an account.
  • Fill out the form which contains your name, number, and SSN.
  • They will ask for a driving license.
  • After completing the form, submit it. They will process your form and if they require anything, they will contact you on your mail-id.
  • After approving the application, you will receive a debit card. Go to their login page, enter your credentials, and activate your card.

Pros:

  • They have no monthly fees as compared to other banks, and they also don’t have any minimum amount for the account to be opened. 
  • If you are a sole proprietor and you have an SSN, then you can also open an account and manage your finances by accepting payment on this.
  • They have access to around fifty thousand ATMs worldwide and allow their customers to deposit and withdraw cash.
  • If you make your purchase with a debit card, it gives you an offer and cashback rewards on every purchase made with a debit card.
  • There is no need to have an additional tax ID to open the account.
  • When you open an account, you will get some percentage of reward in your account, and they will not take any monthly fees either.

Cons:

  • If you want to transfer money from the nearside to other accounts, then the nearside uses the third-party integration, which was not working during the testing. So, there is some issue in transferring the money. 
  • They have limited electronic checks.
  • They do not offer support every time.
  • All money and checks need to be deposited only at the ATM points.
  • You will not earn any interest while depositing the money.

Nearside Free Business Checking Features:

  • The type of account is business checking.
  • The amount of the minimal deposit is zero dollars.
  • The APY is not available.
  • The NSF fee and replacement of debit cards are zero dollars.
  • They have only online banking services.
  • They are available for all kinds of users, on Android as well as iOS.
  • They have web access, direct deposit, and bill payment facilities.
  • They have a Federal Corp. certificate.
  • They also provide bonuses on your first deposit.
  • They don’t have any maintenance fees.

They have proper security of the account as their account is insured by the federal corporation through the lending bank. The debit card that they provide comes with a Mastercard ID threat protection that provides you with a way to monitor and identify the fraud-related service. In any case, if you lose your card, you can call customer support and they will lock your card in seconds.

Conclusion

If you want to run a small business, then you need to take some loans, which is hard to get, but the Nearside is a solution for that type of business as they provide you with funds with no monthly fees and make the process digital. Their app will provide you with great rewards and also allow you to withdraw an unlimited amount from the ATM without a transaction fee, which will be very helpful to growing your business, especially for small business owners who want to start a business.

FAQ: 

Q.1: How can I contact them?

A.1: You have to go to their online site and check the virtual help function in their app chat, or you can also contact the helpline number that they provide on their website.

Q.2: Is it safe?

A.2: Yes, the banking app is very safe and legit because it is assured by Federal Corp. The account holder will be protected up to a maximum of two hundred thousand dollars per depositor.

Nearside free business checking – Read Here

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